What does my estate consist of?
An estate consists of property, bank and savings accounts, investments, premium bonds, and insurance policies (including any death in service pensions).
Does a Lasting Power of Attorney cover all aspects of an individual’s needs?
There are two different types of Lasting Power of Attorney (LPA). The first is the Health and Welfare LPA, which allows the attorney to make decisions about the donor’s care and welfare, medical treatment, accommodation and life sustaining treatment. The second is the Property and Financial LPA, which allows the attorney to make decisions regarding the paying of bills, the collection of benefits and the selling of property.
Can an executor of a Will also be a beneficiary?
Yes, but neither an executor nor a beneficiary can witness a Will that they are named in.
What are the trustees’ responsibilities?
To manage the inheritance either until the beneficiaries reach the age of inheritance or for the remainder of their lives in the case of someone with loss of mental capacity.
How many executors do I need?
Any number up to four. It is wise to choose to have more than one.